Some General Information On The Financial Support: Simple Basics
When applying for financial support, most students face the problem that they do not understand the language they hear
. It usually happens when the subject turns to financial support. It seems that authorities at colleges speak a foreign language. To be able to cope with the problem, the reader is going to be presented with the simple basics of the college financial language concerning the subject of applying for financial support.
FASFA is a Free Application for Federal Student Aid. This form should be filled in when students apply for any type of financial aid. It is crucial to meet the government and state deadlines.
EFC is an Expected Family Contribution, it is aimed at measuring the family financial strength of a student. EFC is usually used to identify a students right for getting a financial aid during one year of education. FASFA is the basis for your EFC.
There are three kinds of financial aid:
Grants (scholarships) are the types for financial aid that should not be returned. In other words, getting such financial aid, students take it for free and do not pay back. There are some limitations for this kind of support. Grants may be given only for students who are notable for good grades, perfect participation in different sport events and others.
A loan is a kind of financial support that requires pay back. It is a kind of a debt students are allowed to return in time. There are several types for loans. Stafford is a kind of a loan with the main purpose to help undergraduates and graduates pay their tuition. Students can take Stafford loans personally. PLUS is another kind of loan that allows students parents get a financial aid and help students with their education. PLUS loans are usually called parents loans.
Work-study is a kind of financial support where a student is subsidized by the government for getting a specific occupation.
Thus, the information in the article is devoted to specific terms students should know while applying for financial support.